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Canada's financial capital reopening subdued as most employees stay home

Published 2020-06-24, 09:22 a/m
© Reuters. FILE PHOTO: Ontario prepares for more phased re-openings from the coronavirus disease (COVID-19) restrictions in Toronto

By Nichola Saminather

TORONTO (Reuters) - Canada's financial capital, Toronto, staged a cautious restart of its economy on Wednesday following a three-month pandemic-driven shutdown as several of its biggest employers kept staff working from home to avoid the spread of the coronavirus.

At the usually bustling Union Station, spitting distance from the city's financial core and the intersection of Toronto's subway, the regional train system and bus network, staff outnumbered commuters.

Downtown Toronto streets, normally gridlocked on pre-pandemic weekdays, were mostly free of traffic during what would have been the morning rush hour in the country's most populous city.

Most people out on the streets wore masks.

The PATH, a 30-kilometer (18.6 miles) below-ground pedestrian walkway connecting about 75 buildings, and the world's largest underground shopping complex, remained silent, devoid of office employees and many retailers still closed.

Andy Voelker, manager of a Second Cup (TO:SCU) coffee franchise in the PATH, said he hadn't seen an increase in customers on Wednesday.

The store, which remained open throughout the shutdown, lost about 90% of its business, but the return of construction workers three weeks ago revived some sales, he said.

"The return to normal probably won't happen till sometime next year," he added.

Ontario, the biggest province by population, started gradually reopening its economy this month, but much of Toronto, which has suffered more than 1,000 deaths, was left off the initial list.

Canada's three biggest lenders, Royal Bank of Canada (TO:RY), Toronto-Dominion Bank (TO:TD) and Bank of Nova Scotia (TO:BNS), and life insurer Sun Life Financial (TO:SLF) said they don't intend to bring staff back until at least September.

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Canadian Imperial Bank of Commerce (TO:CM) said employees will continue to work remotely "for an extended period of time."

Brookfield Asset Management (TO:BAM), which has reoriented desks and reduced meeting-room capacity, plans to bring employees back gradually, a spokeswoman said.

Even so, high-rise office buildings in Toronto stood ready.

Brookfield, one of the biggest downtown landlords, has disinfected buildings, and cleaned and tested air distribution systems and water supply tanks, the spokeswoman said.

Cleaning and security staff dotted office lobbies, wiping down common areas and ensuring what little foot traffic there was followed signs to maintain distance and move in certain directions. Elevators sported stickers limiting the number of riders.

"It's sad that the hustle and bustle of downtown is gone," said Meghan Wilton, who works at Medisys Health Group in Toronto, which opened at reduced capacity three weeks ago.

Latest comments

I had numerous friends working on job sites like union station through this entire thing ranging from 22 years old to 55 years old. To my surprise nobody got sick. Something to think about
Covid-19 median age has dropped to 40 years old from 52. Now the irresponsible youth will feel the pain and not joke of it as a "Boomer Broom"
prepare for a 2nd lockdown, you'll be able to leave your house in June 2021 if you're lucky.
no-one knows if a "second wave" will happen....has it happened in China...no has it happened in South Korea.....no.....go back to CNN if people weren't so stubborn and put masks on it would go a heck of a long way. I worked through this whole thing side by side with other humans and have not been sick......yet.....but when the numbers were at the worst I was healthy....people need to not let their guard down not EVERYONE saw a second wave during the Spanish flu. parts of America did yes but they are also to stubborn to stay in when they are told look at Florida lol what a mess they cant even get out of the forst wave
You are one person. There are 7 Billion more in the world. Second wave during Spanish Flu was worse than the first wave, which is factual. A second wave is already in the works. To deny it will only set you up for failure, as in the US and Brazil. It's only a non-issue for some because someone close to them hasn't been impact....yet. So keep up the excellent work Mr. Trudeau, and keep the border closed to nonessential entry from the infected US!
But I'm glad you admit that there is potential for a second wave, as you noted, so it shows you are prepared. Keep in mind, during the Spanish Flu, people weren't as mobile and transient as they are now. Also, the population is larger. So the world is at greater risk. Be aware, regardless of where you get your news source, fact and truth will always be the same.
Awesome work Mr. Trudeau saving Canada and economy from Covid-19. Haters are able to hate because they are still alive because of you.
I love it when Haters respond. It just proves that I'm right. Mr. Trudeau saved you from Covid-19. You're Welcome! LOL!
He's an idiot, and because of his reckless spending prior to covid-19 we just lost our AAA credit rating. Now we have to pay higher interest rates on our debt. Thanks!
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